Alterity Therapeutics (NASDAQ:ATHE) Shares Up 0.8% – Here’s Why

Shares of Alterity Therapeutics Limited – Sponsored ADR (NASDAQ:ATHE) shot up 0.8% on Wednesday. The company traded as high as $2.62 and last traded at $2.39. Approximately 56,523 shares traded hands during mid-day trading, an increase of 107% from the average daily volume of 27,316 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

Several research firms recently weighed in on ATHE. Lake Street Capital assumed coverage on shares of Alterity Therapeutics in a research report on Tuesday, September 15th. They set a “buy” rating and a $10.00 price target for the company. Craig Hallum set a $2.00 target price on shares of Alterity Therapeutics in a report on Tuesday, August 11th. Weiss Ratings upgraded Alterity Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, October 12th. JonesTrading initiated coverage on shares of Alterity Therapeutics in a research report on Tuesday, June 30th. They issued a “buy” rating and a $16.00 target price for the company. Finally, UBS Group set a $12.00 target price on Alterity Therapeutics in a research note on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.00.

Alterity Therapeutics Trading Down 2.8%

The stock’s fifty day moving average is $3.79 and its 200 day moving average is $4.29.

Alterity Therapeutics (NASDAQ:ATHE) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.28) earnings per share (EPS) for the quarter. The company had revenue of $0.31 million during the quarter. On average, equities analysts anticipate that Alterity Therapeutics Limited – Sponsored ADR will post -0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Alterity Therapeutics

A hedge fund recently raised its stake in Alterity Therapeutics stock. Greenleaf Trust boosted its stake in Alterity Therapeutics Limited – Sponsored ADR (NASDAQ:ATHE) by 93.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,000 shares of the company’s stock after acquiring an additional 30,000 shares during the period. Greenleaf Trust owned 0.70% of Alterity Therapeutics worth $333,000 at the end of the most recent reporting period. 2.14% of the stock is currently owned by institutional investors and hedge funds.

Alterity Therapeutics Company Profile

Alterity Therapeutics Limited (NASDAQ: ATHE) is a clinical-stage biotechnology company focused on developing treatments for neurodegenerative diseases. The company’s research centers on protein misfolding and aggregation, biological processes associated with conditions such as multiple system atrophy (MSA) and Parkinson’s disease.

Alterity’s lead drug candidate is ATH434, an orally administered small molecule designed to inhibit the aggregation of alpha-synuclein, a protein implicated in several neurodegenerative disorders.